The Rightmove August property market data points to a noticeably softer summer housing market, with the average asking price of a newly listed property falling by 2.0% in August 2026.
That monthly fall is equivalent to £7,360, taking the national average asking price from £372,359 in July to £364,999 in August.
According to the supplied Rightmove figures, it is the largest August decline since 2018 and considerably sharper than the seasonal fall normally seen during the summer holiday period.
However, the headline decline does not tell the whole story. Buyer demand has shown a small rebound, northern England and Scotland continue to record annual price growth, and the picture remains markedly weaker across southern England and London.
What Does the Rightmove August Property Market Data Show?
The main headline from Rightmove’s August 2026 figures is the 2.0% month-on-month fall in new seller asking prices.
Rightmove attributes some of this decline to normal seasonal behaviour. August is traditionally quieter as holidays interrupt home-moving plans, meaning sellers who want to secure a buyer may need to price more competitively.
This year, however, sellers also face unusually strong competition. The number of homes available for sale in August is reportedly at its highest level for this time of year since 2014.
That greater choice puts buyers in a stronger negotiating position and makes ambitious asking prices more difficult to sustain.
The latest data follows other changes seen during the UK summer property market, where supply, affordability and mortgage costs have all influenced buyer behaviour.
August 2026 National Asking Prices
| Measure | August 2026 |
| Average new seller asking price | £364,999 |
| July 2026 average | £372,359 |
| Monthly change | -2.0% |
| Cash monthly change | -£7,360 |
| Annual change | -1.0% |
The annual figure is also notable. Average asking prices are now 1.0% lower than in August 2025, which Rightmove describes as the largest annual decline since December 2023.
Are Property Prices Falling Everywhere in Britain?
No. The August figures show a substantial north-south divide.
While the national average is down year on year, northern English regions are collectively recording 1.5% annual asking-price growth. Scotland is also performing relatively strongly, with prices 1.1% higher than a year earlier.
Southern England is moving in the opposite direction.
Prices across southern English regions are reported to be 1.8% lower year on year, while London recorded the biggest decline of any region at 3.1%.
| Area | Annual asking-price change |
| Northern England | +1.5% |
| Scotland | +1.1% |
| Southern England | -1.8% |
| London | -3.1% |
This divergence means that a single national figure can obscure very different local conditions.
Buyers looking in parts of northern England may still encounter markets where prices are holding up reasonably well, while buyers in London and some southern areas may find sellers facing considerably more pressure to negotiate.
Why Are London Asking Prices Falling More Sharply?
London recorded a 3.1% annual decline, the weakest performance in the August data.
One important factor is supply. The capital reportedly has its largest choice of homes available for sale since 2010.
When buyers can choose between more comparable properties, sellers have less scope to maintain an asking price that appears expensive against competing listings. Properties that fail to attract interest may therefore require reductions before buyers are willing to make offers.
That environment can favour well-prepared purchasers, although the asking price remains only one part of a property transaction. Buyers still need to consider mortgage affordability, surveys, conveyancing costs and how much negotiating room exists on an individual property.
Those considering making an offer may find it useful to understand how much lower to offer rather than relying solely on national averages.
Which Parts of the Market Saw the Biggest August Drop?
Rightmove’s figures also separate asking-price movements by market sector, excluding inner London.
First-Time Buyer Properties
The average asking price in the first-time buyer sector was £225,525.
Prices were:
- 0.3% lower month on month
- 0.3% lower year on year
The relatively modest monthly decline suggests that lower-priced homes have been more resilient than properties further up the market.
For prospective buyers trying to enter the market, affordability still depends heavily on deposits and borrowing capacity. Further guidance on help for first-time buyers may therefore be useful alongside asking-price data.
Second-Step Properties
Second-stepper homes had an average asking price of £341,807.
Prices fell:
- 1.3% compared with July
- 0.7% compared with August 2025
This sector experienced a larger seasonal adjustment than the first-time buyer market, but still performed better than homes at the top end.
Top-of-the-Ladder Properties
The largest monthly decline was recorded among top-of-the-ladder homes.
The average asking price stood at £667,056, with:
- A 2.8% monthly decline
- A 0.8% annual decline
Higher-value sellers therefore appear to be making the biggest August price adjustments.
| Market sector | Average asking price | Monthly change | Annual change |
| First-time buyers | £225,525 | -0.3% | -0.3% |
| Second-steppers | £341,807 | -1.3% | -0.7% |
| Top of the ladder | £667,056 | -2.8% | -0.8% |
Market-sector figures exclude inner London.
Is There a ‘Burnham Effect’ on Buyer Demand?
Despite the fall in asking prices, Rightmove’s figures indicate that buyer activity has improved slightly.
Since Andy Burnham became Prime Minister on 20 July 2026, buyer demand has reportedly increased by 5%.
The increase may suggest that some buyers who had delayed moving are returning to the market. However, it is too early to determine whether the improvement represents a lasting change or only a short-term bounce.
Political and tax expectations can affect property-market confidence, particularly when buyers and sellers are anticipating a Budget.
Burnham’s indication that he does not intend to change property taxation in the October Budget may offer greater certainty for some households. The possible effects of his approach to housing taxation have previously been examined in relation to the wider property tax impact.
For now, however, a 5% increase in buyer demand should not be interpreted as evidence of a sustained housing-market recovery.
What Is Rightmove Predicting for House Prices in 2026?
Rightmove has revised its national average asking-price forecast for 2026 to a range of 0% to -2%.
The revised outlook reflects several factors, including:
- Mortgage-rate movements
- Wider economic uncertainty
- The forthcoming Budget
- Buyer confidence
- The level of available housing stock
- Sellers’ willingness to adjust prices
A forecast between flat growth and a 2% decline indicates that Rightmove is taking a more cautious view of the market than earlier conditions may have suggested.
However, forecasts can change quickly as mortgage pricing, economic policy and buyer demand move. They should therefore be viewed as an indication of possible market direction rather than a guarantee of future prices.
What Are Mortgage Rates Doing in August 2026?
Mortgage costs remain an important obstacle for buyers.
According to Rightmove’s mortgage tracker data supplied for August, the average two-year fixed mortgage rate is 5.09%, up from 4.95% a month earlier.
That move back above 5% could affect affordability, particularly for buyers borrowing at higher loan-to-value ratios or households coming to the end of significantly cheaper fixed-rate deals.
| Mortgage measure | Rate |
| Average two-year fixed rate, August | 5.09% |
| Previous month | 4.95% |
| Monthly movement | +0.14 percentage points |
Rightmove mortgage expert Matt Smith said confidence had been affected as fixed rates remained elevated and moved back above the psychologically significant 5% level.
However, he also noted that competition between lenders remains strong and that lenders have generally built more resilience into their pricing, potentially giving the mortgage market greater ability to cope with shorter-term economic shocks.
Borrowers considering their options can also follow developments around when mortgage rates may fall, although future rate movements remain uncertain.
What Does the August Data Mean for Buyers?
For buyers, the combination of falling asking prices and increased housing supply may create greater negotiating power in some areas.
This appears particularly relevant in London and southern England, where annual price falls are larger and buyers have more properties to choose from.
Potential advantages include:
- More choice: Higher stock levels can reduce pressure to rush into a purchase.
- Greater negotiating scope: Sellers competing for fewer active buyers may become more flexible.
- More price reductions: Properties that have remained unsold may require realistic repricing.
- Less competition in some markets: Seasonal conditions can provide opportunities for buyers ready to proceed.
Mortgage affordability remains the major counterweight. A cheaper property does not automatically mean a cheaper monthly housing cost if borrowing rates remain elevated.
What Does the Data Mean for Sellers?
The August figures suggest that pricing correctly from the beginning is becoming increasingly important.
With more properties available, buyers can quickly compare similar homes. Sellers whose asking prices are significantly above competing properties risk losing early interest and later having to make a larger reduction.
The strongest pressure appears to be on higher-value properties and homes in London and southern England.
Sellers may therefore need to focus on:
- Setting an asking price supported by recent local evidence
- Comparing the property with current competing listings
- Responding quickly if viewings are weak
- Making the home attractive to proceedable buyers
- Recognising that national averages may not reflect the local market
Rightmove August Property Market Data at a Glance
The August figures show a housing market that remains highly uneven.
Key numbers include:
- £364,999 – Average asking price of a newly listed property
- -2.0% – Monthly change in national asking prices
- -£7,360 – Average monthly cash reduction
- -1.0% – Annual national change
- +1.5% – Annual growth across northern England
- +1.1% – Annual growth in Scotland
- -1.8% – Annual decline across southern England
- -3.1% – Annual decline in London
- +5% – Increase in buyer demand since 20 July
- 5.09% – Average two-year fixed mortgage rate
Final Thoughts
The Rightmove August property market data shows that the summer slowdown has been stronger than usual in 2026. A 2.0% monthly fall has taken the average new seller asking price to £364,999, while annual asking prices are now 1.0% below their level a year ago.
Yet the market is far from uniform. Northern England and Scotland continue to record annual growth, while London and southern England are experiencing greater downward pressure.
The 5% increase in buyer demand since 20 July provides a more positive signal, but higher mortgage rates, abundant housing supply and economic uncertainty mean sellers may still need to compete hard on price as the market moves into autumn.
Property asking-price figures and forecasts can change and should not be treated as a guarantee of future market performance. Asking prices also differ from final agreed or completed sale prices.
FAQs
Why did Rightmove asking prices fall in August 2026?
Asking prices fell by 2.0% as the summer holiday slowdown combined with higher housing supply and stronger competition between sellers.
What was the average UK asking price in August 2026?
The average asking price of a newly listed property was £364,999, down £7,360 from July.
Which region saw the biggest annual price fall?
London recorded the largest decline, with asking prices falling by 3.1% year on year.
Has buyer demand improved recently?
Yes. Rightmove data shows buyer demand increased by 5% since 20 July 2026, although it is too early to know whether this will continue.
What is the average two-year fixed mortgage rate?
The average two-year fixed mortgage rate is 5.09%, up from 4.95% in the previous month.
